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LLY

Eli Lilly

$82.09

0.62 (0.76%)

, MRK

Merck

$62.77

0.11 (0.18%)

17:12
10/09/16
10/09
17:12
10/09/16
17:12

Eli Lilly confirms Merck KEYNOTE-021 data

Eli Lilly (LLY) that data from an ongoing immuno-oncology collaboration with Merck (MRK) were announced at the ESMO 2016 Congress. Specifically, data released from KEYNOTE-021, Cohort G, which evaluated ALIMTA plus carboplatin in combination with Merck's KEYTRUDA in the first-line treatment of patients with metastatic non-small cell lung cancer, showed that the combination of ALIMTA, KEYTRUDA and carboplatin demonstrated superior efficacy compared to ALIMTA and carboplatin alone. The combination of pemetrexed, pembrolizumab and carboplatin achieved a 55 percent objective response rate compared to 29 percent for pemetrexed-plus-carboplatin alone, and reduced the risk of disease progression or death by 47 percent. Median progression-free survival was 13.0 months with the pemetrexed-pembrolizumab-carboplatin combination. The median follow-up was 10.6 months. All responses were partial. Median duration of response was not reached in either group. Responses in both groups were durable, with 88 percent of responders in the pemetrexed-pembrolizumab-carboplatin combination group and 78 percent of responders in the control arm group experiencing ongoing response at the time of data cut-off. Overall survival was similar between the two arms, with 92 percent survival at six months in both, and 75 percent and 72 percent survival at 12 months in the pemetrexed-pembrolizumab-carboplatin combination and control arm, respectively. Of treated patients on the pemetrexed-pembrolizumab-carboplatin combination arm, 47 percent remained on treatment as of the cut-off date, compared to 31 percent on the control arm.

LLY

Eli Lilly

$82.09

0.62 (0.76%)

MRK

Merck

$62.77

0.11 (0.18%)

  • 25

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    Nov

LLY Eli Lilly
$82.09

0.62 (0.76%)

09/21/16
JANY
09/21/16
DOWNGRADE
Target $36
JANY
Neutral
Janney downgrades Clovis with buyout speculation at 'fever pitch'
Janney Capital analyst Roy Buchanan downgraded Clovis Oncology (CLVS) to Neutral from Buy with an increased fair value estimate of $36. Clovis is up 17c to $35.00 in late morning trading. In a research note partially titled, "May Be Right, May Be Crazy - M&A Speculation At Fever Pitch," Buchanan says there is a "finite chance" that Clovis will need to market its PARP inhibitor rucaparib by itself. He believes a late-2016 approval for rucaparib is likely. The analyst attributes his increased fair value estimate to "acquisition optionality." Reports of Takeda's (TKPYY) reserving up to $15B for acquisitions and Medivation's (MDVN) takeout have given Clovis shares a lift, Buchanan tells investors. The analyst adds that rumors surfaced yesterday of potential interest in the company from Eli Lilly (LLY).
09/27/16
GSCO
09/27/16
UPGRADE
Target $95
GSCO
Buy
Eli Lilly upgraded to Buy from Neutral at Goldman
Goldman analyst Jami Rubin upgraded Eli Lilly to Buy and increased its price target to $95 from $89 saying the company is entering a long lasting period of accelerating topline and earnings growth driven by its late stage pipeline. Rubin projects $12.5B of new product sales by 2020 and double digit earnings growth over the next five years, even without Sola. The analyst sees a 35%, up from 25%, probability of success for Sola with a bull case scenario that can lead to almost $7.5B in peak sales and "super charge" earnings. Even without Sola, Rubin sees favorable risk/reward given durability of earnings and said it is the least exposed to above-CPI price increases.
09/27/16
09/27/16
UPGRADE

On The Fly: Top five analyst upgrades
Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. Eli Lilly (LLY) upgraded to Buy from Neutral at Goldman with analyst Jami Rubin saying the company is entering a long lasting period of accelerating topline and earnings growth driven by its late stage pipeline. 2. AutoZone (AZO) upgraded to Overweight from Equal Weight at Morgan Stanley with analyst Simeon Gutman saying the company is at a positive inflection in 7 year and older vehicles, which is strongly correlated to same-store-sales. 3. Consolidated Edison (ED) upgraded to Hold from Sell at Evercore ISI with analyst Greg Gordon saying the joint settlement proposal filed in the CECONY rate case mitigates downside risk. 4. Crown Holdings (CCK) upgraded on multiple catalysts at BMO Capital with analyst Mark Wilde citing valuation, his belief that the company will resume returning cash to shareholders in 2017, and his belief that the company's results should be boosted by " a wave of domestic and offshore expansion projects." 5. Francesca's (FRAN) upgraded to Buy from Hold at Stifel with analyst Richard Jaffe saying the company's "appealing merchandise" makes it very likely that its sales will grow going forward. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
09/28/16
BERN
09/28/16
NO CHANGE
BERN
Biogen likely to benefit from Lilly Alzheimer's drug results, says Bernstein
Bernstein analyst Aaron Gal says that the results of a trial of Eli Lilly's (LLY) Alzheimer's drug, solanezumab, due out in late 2016 or early 2017, are likely to impact perceptions of Biogen's (BIIB) Alzheimer's drug, aducanumab. The analyst expects Lilly's solanezumab "to show at least directional evidence" of cognitive improvement, although he is "less convinced" that the impact will be clearly statistically significant. The best results from Biogen's perspective will be if Lilly's drug shows "marginal success," according to Gal. However, statistically significant results are also good for Biogen, as they will show that reducing amyloid beta does mitigate Alzheimer's symptoms, the analyst stated. And if Lilly's drug completely fails, Biogen's drug "could well succeed," given the significant differences between them, wrote Gal,who gives Biogen's aducanumab a 65% chance of success. He keeps a $345 price target and Outperform rating on Biogen.
MRK Merck
$62.77

0.11 (0.18%)

09/21/16
FBCO
09/21/16
UPGRADE
Target $41
FBCO
Outperform
Clovis upgraded to Outperform from Neutral at Credit Suisse
Credit Suisse analyst Kennen MacKay upgraded Clovis Oncology (CLVS) to Outperform and raised his price target for the shares to $41 from $19. Clovis closed yesterday up 13%, or $3.92, to $34.83. The potential for a takeover "outweighs concerns surrounding patent life, limited experience in platinum resistant/refractory patients, and PARPi competition," MacKay tells investors in a research note. Clovis could be worth $35-$41 per share in a buyout on operational synergies, and $52-$55 per share with leveraged tax benefits, MacKay estimates. He points out that Eli Lilly (Lill)y, Merck (MRK), Japan's Takeda and others have expressed interest in acquiring U.S. oncology companies.
09/27/16
PIPR
09/27/16
NO CHANGE
Target $62
PIPR
Neutral
Bristol-Myers price target lowered to $62 from $65 at Piper Jaffray
Piper Jaffray analyst Richard Purkiss lowered his price target for Bristol-Myers Squibb (BMY) to $62 saying he sees the company ceding Opdivo's early-mover advantage in lung cancer to competitors. The analyst expects to see details from Roche's (RHHBY) positive OAK trial of Tecentriq vs. docetaxel in non-small cell lung cancer at the upcoming ESMO meeting. Purkiss also expects to see details from Merck's (MRK) positive KEYNOTE-024 trial of Keytruda. The analyst lowered his post-2016 Opdivo forecasts and reiterates a Neutral rating on Bristol shares.
10/03/16
LEER
10/03/16
NO CHANGE
LEER
Market Perform
AASLD abstracts hint at potential competitive threat to Gilead HCV, says Leerink
Leerink analyst Geoffrey Porges says abstracts for the American Association for the Study of Liver Diseases, or AASLD, meeting revealed very limited efficacy information about the new Hepatitis C regimens for Gilead (GILD), Merck (MRK) and AbbVie (ABBV). Nonetheless, the analyst believes the abstracts hint at the potential competitive threat to Gilead's HCV dominance. While the new 12-week HCV regimens may compete on price, the forthcoming 8-week regimens put the most pressure on Gilead's market share, Porges argues. He reiterates a Market Perform rating on Gilead's shares.
10/07/16
LEER
10/07/16
NO CHANGE
LEER
Outperform
Incyte Epacadostat Phase 1 Melanoma data maturing well, says Leerink
Leerink analyst Michael Schmidt says the data from ECHO-202 Phase 1 study evaluating the combination of Incyte's (INCY) IDO1 inhibitor epacadostat with Merck's (MRK) Keytruda confirms the previously published results and appears to be maturing well. The analyst reiterates an Outperform rating on Incyte's shares, saying Jakafi remains a compelling long-term growth driver for the company, expectations for baricitinib are still moderate, and its maturing oncology pipeline of 14 molecules including epacadostat represents a long-term value driver.

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BMRN

BioMarin

$82.21

-1.12 (-1.34%)

, ESALY

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Wal-Mart

$70.88

0.21 (0.30%)

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Globus Medical

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UMBF

UMB Financial

$77.00

-0.43 (-0.56%)

IM

Ingram Micro

$38.88

1.31 (3.49%)

HMST

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JNJ

Johnson & Johnson

$111.96

0.58 (0.52%)

, ALIOF

Actelion

$206.01

15.21 (7.97%)

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$111.96

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Actelion

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Celanese

$79.10

0.3 (0.38%)

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HomeStreet

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GMED

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$21.89

0.12 (0.55%)

BGS

B&G Foods

$42.50

0.2 (0.47%)

ZEN

Zendesk

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Zendesk

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0.34 (1.63%)

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AIXG

Aixtron

$3.97

-0.05 (-1.24%)

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CX

CEMEX

$7.83

0.09 (1.16%)

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SRNE

Sorrento Therapeutics

$5.15

-0.1 (-1.90%)

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Moleculin Biotech

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-0.14 (-5.05%)

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NEOG

Neogen

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Range Resources

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EOG Resources

$103.74

-1.01 (-0.96%)

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HomeStreet

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, UMBF

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UMB Financial

$77.00

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, IM

Ingram Micro

$38.88

1.31 (3.49%)

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GMED

Globus Medical

$21.89

0.12 (0.55%)

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Aixtron

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ALB

Albemarle

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FOR

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